Babylon, a Bitcoin staking protocol , has announced the launch of their testnet, marking an important milestone in its development.
Since its inception in 2022, Babylon has been a pioneer in integrating Bitcoin into the Proof-of-Stake (PoS) ecosystem . The protocol's testnet stage , built on BTC Signet, offers a risk-free environment for users to explore its features without risking real Bitcoin.
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Testnet Launch: Steps Towards Mainnet
The launch of the Babylon Testnet is an important milestone in the journey towards mainnet deployment, targeted for late 2024. The gradual initiative approach of the Babylon framework was highlighted by David Tse, one of the company's founders.
After the testnet, the team plans to introduce a post-audit testnet from May to June, which will be followed by a mainnet release. Users will also be offered a series of stages to stake physical Bitcoin and earn staking points.
Access to the Babylon testnet is gained through installing a browser plugin and acquiring Bitcoin Signet and Babylon testnet coins (BBN). This way of working guarantees the expected experience including staking protocol functionality for participants.
As a motivating factor, Babylon provides an opportunity for early stakers to earn “Bitcoin Pioneer Pass NFT”. These personalized NFTs compensate users with the ability to unlock unique features within the Babylon ecosystem.
Babylon's entry into Bitcoin Staking
Babylon's entry into the Bitcoin staking sector is a technical advancement and a wise decision to improve the security of the PoS network. Through the choice of Bitcoin staking on the PoS network, Babylon plans to improve the PoS network defense system by using Bitcoin's strong security model.
This discovery plays an important role in solving the problem of distributing funds among newer chains, which are often at an early stage in providing competitive staking rewards due to high capital requirements, thereby limiting these opportunities.
The project has received support from some of the best-known investors in the cryptocurrency world, including Binance Labs, Polygon Ventures, OKEx Ventures, and Polychain Capital.
With total funding of $26.8 million, Babylon's development was driven by financial support and partnerships, which made it possible to execute. This support emphasizes confidence in Babylon's aspirations to transform the interaction between Bitcoin and the PoS environment.
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Improving the Cosmos Ecosystem
Additionally, the Babylon testnet is an important development for the Cosmos Hub ecosystem. By incorporating Bitcoin security into the Cosmos ecosystem platform, Babylon can meet expectations for a more efficient and advanced security system within it.
It also allows chains within the Cosmos ecosystem to vary security models through the trend of minimizing integrity costs while providing them with a means to ensure their invariability.
As Babylon moves towards announcing preparations for mainnet, the protocol will bring many changes and create a complete new world in Bitcoin staking and PoS security.
By combining Bitcoin and PoS chains, Babylon is charting a path to a more coherent and secure ecosystem. Using continuous improvements and maintenance, Babylon is approaching the point of changing the world of digital assets to a new way of staking and securing them across multiple networks.
Also Read: MATIC Staking: Definition, Benefits & Tutorial
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You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH ), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER : This article is just informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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